The first round of Social Security retirement payments, worth up to $4,194, will be paid out to recipients on Wednesday.
The retirement benefits from the Social Security Administration are issued to recipients in waves of three and are always issued on the second Wednesday of a month for the first wave, concluding with the third payment on the fourth Wednesday of that month. Payments scheduled to go out on Wednesday will be for recipients born between the 1st and 10th of a month, according to the administration’s calendar.
FEDS BORROWED $4 BILLION PER DAY IN 2022, TOTALING $10K PER HOUSEHOLD
The remaining retirement payments for this month will be given to recipients on the following Wednesdays. People whose birthdays fall between the 11th and 20th of a month will receive their payments on Jan. 18, and recipients whose birthdays fall within the 21st and 31st of a month will be paid last on Jan. 25.
The exact amount that recipients will receive from these checks will vary based on several factors, such as when a recipient chooses to retire and start receiving Social Security benefits. A person must have retired when they were 70 to receive the highest payment of $4,194. Meanwhile, recipients who retired at 67 will receive a maximum check of $3,345, and anyone who retired at 62 will get up to $2,364 per month, according to the SSA.
Regular Social Security payments are based on earnings that a recipient makes throughout their lifetime and do not have any limits based on income or resources. The retirement payments from the SSA are different from other payments distributed by the agency, such as disability insurance or Supplemental Security Income, the latter of which already had its January payments on Dec. 30, 2022, and is scheduled to have its next payment on Feb. 1.
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Analysts estimate that unless action is taken by Congress, Social Security insolvency may occur as early as 2034. One reason for the looming insolvency crisis is more people living longer thanks to the advancements in science and medication, which allows them to take part in Social Security benefits longer than expected. The number of people working and paying taxes to support these benefits is also gradually decreasing, according to the Committee for a Responsible Federal Budget.
